BNP Paribas Admits Guilt and Agrees to Pay $8.9 Billion Fine to U.S.

June 30, 2014

Author: 

Ben Protess and Jessica Silver-Greenberg

Publication: 

New York Times

Related Country: 

  • France

BNP Paribas, France's largest bank, agreed to pay a $8.9 billion fine for transferring billions of dollars on behalf of Sudanese and Iranian clients in violation of U.S. sanctions. From at least 2002 until 2012, BNP hid the names of sanctioned entities in these countries when processing transactions through the U.S. financial system. As part of its guilty plea, BNP will be prohibited from clearing U.S. dollar transactions through certain business units for one year beginning in January 2015. The bank was also required to separate from 13 employees.